15 March 2018
The Central Statistics Office (CSO) today (Thursday 15 March 2018) published Quarterly National Accounts and Balance of Payments results for Quarter 4, 2017 and preliminary results for the Year 2017.
Commenting, Jennifer Banim, Assistant Director General with responsibility for Economic Statistics said:
“Preliminary National Accounts results for 2017 show an increase of 7.8% in GDP and an increase of 6.6% in GNP compared with 2016. Apart from a small contraction in the Financial and Insurance sector, all other sectors of the economy experienced growth in 2017. Industry grew by 8.9% in volume terms, while both the Information and Communication and the Construction sectors showed growth of 16.8% in the year. Distribution, Transport, Hotels and Restaurants, a sector driven by domestic activity, grew by 1.6% in 2017.
Looking at the economy in 2017 from an expenditure perspective we can see that:
In Balance of Payments results for 2017, improvements in the Services deficit contributed to a strong current account surplus of €37.1 billion, a significant increase on the €9.2 billion current account surplus in 2016. Examining the Balance of Payments Services results, Computer Service exports of €74.4 billion were recorded in 2017, an increase of €9.8 billion on the previous year. The decrease in IPP activity is very clear in the Balance of Payments Services results, when R&D imports of €26.8 billion in 2017 are compared with R&D imports of €47.1 billion in 2016.
Today’s Balance of Payments release includes a table of current account transactions with the UK with trade in goods and services showing a surplus of €12.2 billion, offset by a deficit of €9.5 billion on income flows in 2017 to give a Current Account balance of €2.7 billion with the UK in the year.
In Quarter 4, 2017 GDP increased by 3.2% when compared to Quarter 3, 2017 while GNP increased by 6.3%. Personal consumption of goods and services increased by 0.3% in the quarter. In Balance of Payments results for Quarter 4, 2017, the current account showed a surplus of €14.9 billion.
Summarising the 2017 headline results, while GDP grew by 7.8% and GNP increased by 6.6%, key indicators of underlying domestic activity such as Personal Consumption Expenditure and Modified Total Domestic Demand grew by 1.9% and 3.9% respectively.”
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